With the astronomical rise in value over the past few years, the king of cryptocurrencies, Bitcoin, has become an asset that many people are eager to own.
In October 2023, Bitcoin experienced a significant drop, falling below the $27,000 threshold. Historically, Bitcoin's value peaked close to $70,000 per BTC in November 2021. As of the latest data in 2024, Bitcoin has seen a remarkable resurgence, surpassing $61,000, which represents an approximate 20% increase within a single week. This surge has yielded substantial gains for long-term investors and those capitalizing on short-term price fluctuations.
Notably, in March 2024, Bitcoin reached a new all-time high in intraday trading, breaking the $69,000 level and climbing as high as $73,000 before experiencing a decline. As of September 8, 2024, the price of Bitcoin has adjusted and is trading below $55,000. Entering October 2024, Bitcoin's price bounced back to $65,000 and is now testing the $68,000 level.
Nowadays, in addition to buying Bitcoin or surfing the waves with Bitcoin, many people are looking for ways to own Bitcoin by mining cryptocurrencies, and today's technology even allows people to mine Bitcoin right on their phones, so the trend of using Bitcoin mining apps is very attractive to newcomers.
If you are a newcomer who is interested in Bitcoin mining or any form of profit-seeking with Bitcoin, please refer to the following article of ours to understand the trends and detailed information related to mining Bitcoin right on the iOS or Android platform, and then find an investment method in cryptocurrencies that suits you.
In addition to Bitcoin mining applications on computers, nowadays there are many Bitcoin mining apps on smartphones that also serve to mine Bitcoin. This is a quite flexible option, the apps are designed to be user-friendly and simplify the Bitcoin mining process compared to mining on computers, which is why these apps are widely chosen.
1. Types of Bitcoin Mining Apps on Smartphones
1.1. Automatic Bitcoin Mining Apps
These are apps that allow users to mine cryptocurrencies from cloud-based mining contracts or through the phone's chip activity.
Cost: They usually charge a fee based on the mining contract or provide a free mining account for a limited time, after which they will charge users to buy additional powerful mining rigs to increase virtual currency mining capabilities.
**Examples: **ECOS app provides cloud mining contracts from $49; Hashshiny app provides remote mining management services; Minergate app allows mining cryptocurrencies using the phone's chip.
1.2. Bitcoin Mining Apps through Accumulating Satoshi when Playing Games
These are Bitcoin mining apps on smartphones that allow users to mine and receive Bitcoin (in Satoshi units) if they can answer quiz questions, click on ads, or complete game tasks. With these entertainment apps, players don't have to worry but can still earn money.
However, according to many players' reviews, with Satoshi accumulation apps, if players want to transfer the Satoshi to an electronic wallet or account, they need to reach the minimum Satoshi amount required by the app to withdraw, and this amount is very difficult to achieve.
Cost: Free
Examples: Blockchain Game app allows stacking blocks higher to earn more Bitcoin; Abundance app allows spinning a wheel to win rewards; BTCclicks app allows watching ads to earn up to 0.0000022 BTC per 20-second ad click.
2. How effective is free Bitcoin mining on mobile phones?
Many Bitcoin mining apps have appeared on app stores and have received a lot of attention from users. However, before considering the profitability of these apps, you need to understand the pros and cons of Bitcoin mining through apps before downloading a Bitcoin mining app:
Advantages of Bitcoin mining through apps:
Compact devices: The traditional Bitcoin mining model requires high-configuration and bulky devices. But with a Bitcoin mining app, you only need a smartphone to start mining Bitcoin.
Flexible time: Anytime you have free time and are holding your phone, you can start Bitcoin mining and wait for earning opportunities.
Simple process: While Bitcoin mining on computers involves many steps and a complex process that is usually only suitable for those with high computer skills, with a Bitcoin mining app, you just need to download the app onto your phone and follow the instructions, which is very simple.
Disadvantages of free Bitcoin mining through apps:
Trend too new, with many risks: Bitcoin mining through apps is a very new trend, and there are many warnings that the apps appearing on app stores may be scams, unable to actually mine Bitcoin, or not allow withdrawal of Bitcoin.
Not many people have experience with this type of activity, so it's easy to be exploited and scammed, most commonly through theft of personal information, wasting time, and even losing money when the app requires payment to activate certain Bitcoin mining features.
Banned by app stores: The activity of cryptocurrency mining through apps has been publicly warned against by both Apple and Google since 2018 due to the risks and lack of control or management of these apps.
Risk of damaging the phone: As we know, mining Bitcoin or any cryptocurrency will consume a lot of power and requires the best computer processing power. On weaker devices like smartphones, Bitcoin mining will "wear down" and weaken the phone's RAM and battery.
**Risk of information theft: **By installing apps from unknown sources, you can easily have your information stolen if you encounter a scam app.
